ClubCorp sets pricing on $310 million term loan at Libor plus 450 bps

By Sara Rosenberg

New York, Nov. 23 - ClubCorp firmed pricing on its $310 million six-year term loan at Libor plus 450 basis points, the high end of the Libor plus 425 bps to 450 bps talk, according to a market source.

As before the term loan has a 1.5% Libor floor and an original issue discount of 99.

There is 101 soft call protection for one year.

The company's $360 million credit facility (Ba2/BB) also includes a $50 million five-year revolver.

Citigroup is the lead bank on the deal.

Proceeds, along with $415 million of notes, will be used to repay existing debt.

ClubCorp is a Dallas-based owner and operator of golf courses, country clubs, private business and sports clubs, and resorts.

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